Loading…
Abu Dhabi-based fertiliser producer Fertiglobe reported first-quarter 2023 adjusted net profit down 62% year-on-year to $135.4 million. Revenue fell 41% to $694 million, mainly on lower urea selling prices.
The company blamed lower gas-linked costs in Europe, deferred buying and weather-related delays in demand.
The earnings drop reflects the lower urea price level seen across the market and confirms weak demand in key regions. It adds little new price pressure beyond what current urea prices already show.
db.forbesmiddleeast.comNermeen Abbas, Muhammad Addam, Julian NabilMay 9, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
